COMMISSIONER OF INCOME TAX Vs. HOPE INDIA LTD

JUDGEMENT

(1.) THE Tribunal has referred the following question of law to this Court under s. 256(1) of the IT Act. 1961 ('the Act'):

(2.) THE question that has come up for consideration before this Court cropped up also in the earlier assessment years. The Tribunal's order disposing of the case for the asst. yr. 1971-72 in IT Appeal No.146 (Cal) of 1974-75 has been annexed to the statement of case.

(3.) THE reasons given in the earlier order for upholding the contention of the assessee by the Tribunal were as follows: